Gemini, Chainalysis, and Robinhood Join Crypto Market Integrity Coalition

Key Insights:

• A total of 30 companies have joined the Crypto Market Integrity Coalition (CMIC).
• CMIC signatories have signed a pledge to combat market manipulation.
• Deltec, Chainalysis, and Robinhood are among the new joiners.

The Crypto Market Integrity Coalition (CMIC) was founded two months ago by 17 cryptocurrency exchanges, firms, and industry associations across the globe. Recently, another 13 firms joined CMIC, making it a 30 member body.

CMIC’s Onboards New Members

Risk-monitoring software company Solidus Labs convened the CMIC. CMIC has been urging digital currency companies to sign a ‘market integrity’ pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.

Recently, 13 major players in the crypto industry have joined forces with the CMIC intending to prevent market manipulation. By joining CMIC, crypto institutions provide regulators with additional assurances that investment in the crypto markets is safe.

The new signatories include crypto analytics firms Chainalysis, TRM, Elliptic, and exchanges like Gemini, Robinhood Markets, Nexo, and Bitpanda. These firms have joined CMIC’s 17 original members, including Coinbase, BitMEX, and Solidus Labs, bringing the total number of members to 30.

Solidus Labs Vice President of regulatory affairs Kathy Kraninger said that membership is open to all industry participants in an introductory video. Kraninger further added,

“To enable the promise of crypto and DeFi, we must as an industry be vocal about our commitment to address and mitigate the risks.”

The Need For A Safer Crypto Space

Participants and firms alike have voiced the need for a secure and protected crypto space. Hacks and security breaches have been more commonplace now. Ola Finance saw over $3.6 million siphoned off the protocol in an exploit in early April.

CMIC was formed to crack down on market manipulation to instill trust in the burgeoning digital asset industry. Founding members include prominent industry players such as Coinbase, BitMEX, Huobi Tech, Anchorage Digital, the Chamber of Digital Commerce, and CryptoUK.

The group aims to unite the disparate crypto groups behind its business principles. The coalition plans to advance training programs and encourage a dialog with regulators.

Apart from CMIC, other crypto industry advocacy groups include GoodFi, launched by Radix in 2021. GoodFi focuses on decentralized finance (DeFi) education, research, and best practices. It has 55 member organizations and hopes to get 100 million people to put at least a dollar into DeFi by 2025.

Another one is the Crypto Open Patent Alliance launched in 2020 by Square, now known as Block. This group has 33 members and shares a patent library to defend the crypto community against patent trolls and aggressors.